Millions of dollars. Thousands of properties. Powerful figures. From accused Afghan officials to a billionaire facing financial fraud charges, a new investigation reveals a shocking list of foreign property owners in Dubai, raising questions about the source of their wealth and Dubai’s role in potentially shielding them. A new report exposes the staggering scale of foreign wealth pouring into Dubai’s real estate market, raising red flags about potential corruption and hidden agendas.
Dubai: Paradise for the Rich and…Shady?
Dubai’s reputation as a luxurious haven for celebrities and the wealthy is well-known. However, a new investigation by a consortium of media outlets, “Dubai Unlocked,” reveals a darker side to the city’s booming real estate market.
The investigation exposes how lax regulations have transformed Dubai into a magnet for individuals seeking to hide their wealth. This includes alleged criminals, fugitives from justice, corrupt politicians, and sanctioned individuals.
What Makes Dubai Attractive?
Dubai Unlocked is the first investigation to comprehensively examine property ownership in Dubai on a global scale. This reveals a pattern unseen before, with individuals from all corners of the world utilizing Dubai’s real estate market for potentially illicit purposes.
Several factors contribute to Dubai’s appeal for those seeking to launder money:
- Limited Cooperation with Western Law Enforcement: Historically, Dubai has been a haven for fugitives due to a lack of extradition treaties with many Western countries. While cooperation has increased recently, responses to extradition requests remain inconsistent.
- Discretionary Practices: Some real estate agents in Dubai have a reputation for asking few questions about the source of their clients’ funds. Until recently, reporting large cash or cryptocurrency transactions was not mandatory.
- A Lucrative Market: Dubai’s booming property market offers a wealth of investment opportunities. This allows individuals to not only launder money, but potentially turn a significant profit.
The Investigation’s Source
The data at the heart of “Dubai Unlocked” comes from a series of leaks, primarily from the Dubai Land Department and utility companies. This data provides a comprehensive overview of property ownership and usage in Dubai from 2020 to 2022.
The investigation was initiated by the Center for Advanced Defense Studies, a non-profit specializing in international crime research. The data was then shared with media outlets worldwide, allowing for a global investigation into Dubai’s role in potentially facilitating money laundering and harboring ill-gotten gains.
Malaysia
A major leak of property data in Dubai has revealed that over 300 Malaysians own more than 500 properties in the luxurious city. This includes prestigious locations like the Burj Khalifa and Palm Jumeirah, where celebrities like David Beckham and Shah Rukh Khan reportedly own holiday homes.
The data, investigated by a consortium of journalists including Malaysiakini, suggests these Malaysian property owners are prominent business figures, not politicians. While some identities are being withheld for legal reasons, economists have analyzed the data and estimated that the residential properties alone amount to a staggering US$160.9 million (RM710 million) as of 2022. This figure excludes shops, offices, and labor camps due to data limitations. Taking these other property types into account, economists believe the total value of Malaysian-owned properties in Dubai could reach US$320 million (RM1.5 billion).
Pakistan
The same project uncovered properties owned by wealthy Pakistanis in Dubai. The data revealed that not only businessmen and bureaucrats, but also over a dozen retired military officials own property in luxurious areas of Dubai. This includes some high-ranking officials such as former military dictator Pervez Musharraf, several retired generals, a retired air vice-marshal, a serving police inspector general, and former heads of major Pakistani institutions.
Some of the officials named in the leak include Musharraf (who owned 3 properties), his former military secretary, and the son of a Lt-General involved in a previous corruption scandal. Several other high-ranking military officers and their family members were also identified as property owners.
While some individuals confirmed ownership and declared the properties with Pakistani authorities, others have not yet responded to inquiries.
Australia, India And Other Countries
Former Afghan officials accused of skimming reconstruction funds are named as property owners, along with Indian billionaire Vinod Adani facing allegations of financial misconduct. Even members of West African presidential families under investigation for corruption appear on the list.
The investigation doesn’t stop there. “Dubai Unlocked” exposes luxury properties linked to alleged Australian crime figures and the lavish lifestyle of Angolan ex-billionaire Isabel dos Santos, currently wanted by Interpol. Data shows dos Santos co-owns a waterfront apartment with her mother, raising questions about hidden assets.
The project also unveils Ukrainian officials from a corrupt former regime who invested millions in Dubai real estate, some failing to declare these assets altogether.
“Dubai Unlocked” paints a picture of a globalized real estate market potentially facilitating the movement of questionable wealth. The investigation raises concerns about Dubai’s role in potentially shielding corrupt practices and highlights the need for stricter regulations on foreign property ownership.
Image—Business Recorder
